Various plants and resources such as orchards are vulnerable to the detrimental effects of successful invasions by alien animal or plant species. To outline an appropriate policy response, we first use renewal theory to construct a stochastic model of optimal orchard management in the presence...

We show how the notions of accessibility, vulnerability, and resilience can be used to shed light on the sustainable management of a natural area that is used for ecotourism. To this end, we construct and analyze two queuing-theoretic models that approach the problem of sustainable management in...

Recently, Batabyal (1999) has shown that when the decision to get married in an arranged marriage is analyzed in an intertemporal and stochastic setting, it is possible that a marrying agent will never get married. This result arises because the marrying agent in Batabyal (1999) maximizes the...

Resources such as orchards are vulnerable to the detrimental effects of successful invasions by alien animal or plant species. To outline an appropriate policy response, we first use renewal theory to construct a stochastic model of optimal orchard management in the presence of a deleterious...

The sizeable literature on extinction in economics has paid scant attention to the problem of constructing measures of species extinction. Moreover, this literature has not studied the question of species extinction in stochastic systems that are jointly determined. Consequently, the objective...

In contemporary times, Batabyal (1999) has demonstrated that when the decision to get married in an arranged marriage is studied in a dynamic and probabilistic setting, it is possible that a marrying individual will never get married. This outcome arises because the marrying individual in...

We show how the notions of accessibility, vulnerability, and resilience can be used to shed light on the sustainable management of a natural area that is used for ecotourism. To this end, we construct and analyze two queuing-theoretic models that approach the problem of sustainable management in...